Zimbabwe Mining Development Corp faces losing its stuff because it hasn't paid a massive $93 million debt from a legal fight that started ten years ago. The company Amaplat Mauritius plans to go after ZMDC harder, including a court hearing in Canada at the end of June. Previous attempts to grab Zimbabwe's diamonds show what might happen if the ZMDC loses in court.
ZMDC has repeatedly asked the government to take over this debt problem. The mess started in 2014 when an international court ordered Zimbabwe to pay Amaplat after canceling mining projects. The original $65.9 million debt grew larger with interest charges added on top. Zimbabwe agreed to pay in 2021 but never actually handed over any money.
ZMDC tried to fix things by asking Bravura, a platinum mining company run by Nigerian businessman Benedict Peters, to pay $15 million toward the debt. But Bravura only paid $3 million, and the promised mining assets never changed hands. Amaplat says the Zimbabwe government must pay up—period.
ZMDC has almost nothing left after most of its assets went to another state company called Defold Mine. The legal battles have already cost more than $500,000.
ZMDC has repeatedly asked the government to take over this debt problem. The mess started in 2014 when an international court ordered Zimbabwe to pay Amaplat after canceling mining projects. The original $65.9 million debt grew larger with interest charges added on top. Zimbabwe agreed to pay in 2021 but never actually handed over any money.
ZMDC tried to fix things by asking Bravura, a platinum mining company run by Nigerian businessman Benedict Peters, to pay $15 million toward the debt. But Bravura only paid $3 million, and the promised mining assets never changed hands. Amaplat says the Zimbabwe government must pay up—period.
ZMDC has almost nothing left after most of its assets went to another state company called Defold Mine. The legal battles have already cost more than $500,000.
